Baku-APA. Lithuania will join euro area and single supervisory mechanism (SSM) on January 1, 2015, the European Central Bank (ECB) announced on Wednesday, APA reports quoting Xinhua.
Today the EU Council formally approved the accession of Lithuania to the euro area on 1 January 2015 and determined the euro conversion rate of the Lithuanian litas at 3.45280 to 1, said an ECB statement.
The ECB will take over direct supervision of the biggest Lithuanian banks in January 2015 as the country is also joining the Single Supervisory Mechanism. The ECB and Lithuania's central bank Lietuvos agreed to monitor developments in the foreign exchange market of the Lithuanian litas against the euro until Jan. 1, 2015.
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